Adam's At Home Auction Sunday June 17th, 2018

181 (ii) The only method of establishing at the time of the auction in ques- tion that the Lot was a Forgery would have been by means of scientific processes which were not generally accepted for use until after the date of the auction or which were unreasonably expensive or impractical. The buyer’s sole entitlement under this condition is to a refund of the actual amount paid by him in respect of the Lot. Under no circumstanc- es shall the Auctioneer be liable for any damage, loss (including conse- quential, indirect or economic loss) or expense suffered or incurred by the buyer by reason of the Lot being a Forgery. The benefit of this condition shall be solely and exclusively for the buyer and shall not be assignable. The buyer shall for the purpose of this condition be the person to whom the original invoice in respect of the sale of the Lot is made. Photographs 21 . The buyer authorises the Auctioneer at any time to make use of any photographs or illustrations of the Lot purchased by the buyer for such purposes as the Auctioneer may require. 22 . New VAT Regulations 22a) All lots are sold within the Auctioneer’s VAT margin scheme. Reve- nue Regulations require that the buyers premium must be invoiced at a rate which is inclusive of VAT. This VAT is not recoverable by any VAT registered buyer. CONDITIONS WHICH MAINLY CONCERN THE SELLER Auctioneer’s Discretion 23 . With regard to the sale of any Lot the Auctioneer shall have the fol- lowing powers exercisable solely in the discretion of the Auctioneer: (i) To decide whether to offer any Lot for sale or not; (ii) To decide whether a particular Lot is suitable for sale by the Auction- eer and, if so, to determine which auction, the place and date of sale, the conditions of sale and the manner in which such sale should be conducted; (iii) To determine the description of any Lot in a Catalogue. (iv) To decide whether the views of any expert shall be obtained and to submit Lots for examination by any such experts. (v) To determine what illustration of a Lot (if any) is to be included in the Catalogue. Seller’s Warranty and Indemnity 24 . The seller warrants to the Auctioneer and to the buyer that he is the true owner of the Lot or is legally authorised to sell the Lot on behalf of the true owner and can transfer good and marketable title to the Lot free from any third party claims. As regards Lots not held by the Auctioneer on its premises or under its control the seller warrants and undertakes to the Auctioneer and the buyer that the Lot will be available and in a deliverable state on demand by the Auctioneer or buyer. The seller shall indemnify the Auctioneer and the buyer or any of their respective employees, servants or agents against any loss or damage suffered by any of them in consequence of any breach of the above warranties or undertakings by the seller. Reserves 25 . Subject to the Auctioneer’s discretion, the seller shall be entitled prior to the auction to place a reserve on any Lot. All reserves must be agreed in advance by the Auctioneer and entered on the Sale Order Form or subsequently be confirmed in writing to the Auctioneer prior to auction. This also applies to changes in reserves. A reserve may not be placed upon any Lots under €150 in value. The reserve shall be the min- imum Hammer Price at which the Lot may be sold by the Auctioneer. A reserve once in place may only be changed with the consent of the Auctioneer. A commission shall be charged on the ‘knock-down’ bid for Lots which fail to reach the reserve price. Such commission shall be 5% of the ‘knock-down’ bid. This commission and any VAT payable thereon must be paid before removal of the Lot after the auction. The minimum commission hereunder shall be €50. The Auctioneer may in its sole discretion sell a Lot at a Hammer Price below the reserve thereon but in such case the Proceeds of Sale to which the seller shall be entitled shall be the same as they would have been had the sale been at the reverse. Unless a reserve has been placed on a Lot in accordance with the pro- visions set out above such Lot shall be put up for sale without reserve. In the event that any reserve price is not reached at auction then for so long as the Lot remains with the Auctioneer and to the extent that the Lot has not been re-entered in another auction pursuant to condition 31 the seller authorises the Auctioneer to sell the Lot by private treaty at not less than the reserve price. The Auctioneer shall ensure that in such a case those conditions herein which concern mainly the buyer shall, with any necessary modification, apply to such sale. Commission 26. The Seller shall pay the Auctioneer commission at the rate of 10% on the Hammer Price of all Lots sold on behalf of the seller at Irish Art Sales and 17.5% on all other Sales together with VAT thereon at the applica- ble rate. Minimum charges are detailed below. The seller authorises the Auctioneer to deduct from the Hammer Price paid by the buyer the Auctioneer’s Commission under this condition; VAT payable at the applicable rates and any other amounts due by the seller to the Auction- eer in whatever capacity howsoever arising. The seller agrees that the Auctioneer may also receive commission from the buyer pursuant to condition 13. Minimum Charges: Each individual lot is subject to a minimum fee of €3.00 plus VAT, with a minimum charge per account of €50.00 plus VAT. Insurance 27 . Unless otherwise instructed by the seller, all Lots (with the exception of motor vehicles) deposited with the Auctioneer or put under its control for sale shall automatically be insured by the Auctioneer under the Auctioneer’s own fine arts policy for such sum as the Auctioneer shall from time to time in its absolute discretion determine. The seller shall pay the Auctioneer a contribution towards such insurance at the rate of 1.5% of the Hammer Price plus VAT. If the seller instructs the Auctioneer not to insure a Lot then the Lot shall at all times remain at the risk of the seller who undertakes to indemnify the Auctioneer and hold the Auctioneer harmless against any and all claims made or proceedings brought against the Auctioneer of whatever nature and howsoever and wheresoever occurring for loss or damage to the Lot. The sum for which a Lot is covered for insurance under this condition shall not constitute and shall not be relied upon by the seller as a representation, warranty or guarantee as to the value of the Lot or that the Lot will, if sold by the Auctioneer, be sold for such amount. Such insurance shall subsist until such time as the Lot is paid for and collected by the buyer or, in the case of Lots sold which are not paid for or collected by the buyer by the due date hereunder for payment or collection such due date or, in the case of Lots which are not sold, on the expiry of seven (7) days from the date on which the Auctioneer has notified the seller to collect the Lots. Illustration Charges: 27a . Catalogue illustrations are included at the discretion of the Auc- tioneer. Illustration charges will be calculated on the particular category of sale. These charges are subject to change. Irish art sale illustrations: €150.00 full page, €100.00 half page, €50 all other sizes. Fine art illus- trations: Scaled fee €100.00 for lots sold for €3,000.00 hammer price & over, €50.00 for lots sold under €3000.00 hammer price. Contemporary picture illustrations: €25.00 per illustration. All lots illustrated and not sold are charged at €25.00 per illustration. Recision of Sale 28. If before the Auctioneer has paid the Proceeds of Sale to the seller the buyer proves to the satisfaction of the Auctioneer that the Lot sold is a Forgery and the requirements of condition 20 are satisfied the Auc- tioneer shall rescind the sale and refund to the buyer any amount paid to the Auctioneer by the buyer in respect of the Lot. Payment of Proceeds of Sale 29 . The Auctioneer shall remit the Proceeds of Sale to the seller not later than thirty (30) days after the date of the auction, provided however that, if by that date, the Auctioneer has not received the Total Amount Due from the buyer then the Auctioneer shall remit the Proceeds of Sale within seven (7) working days after the date on which the Total Amount Due is received from the buyer. If credit terms have been agreed between the Auctioneer and the buyer the Auctioneer shall remit to the seller the Proceeds of Sale not later than thirty (30) days after the date of the auction unless otherwise agreed by the seller. If before the Total Amount Due is paid by the buyer the Auctioneer pays the seller an amount equal to the Proceeds of Sale then title to the Lot shall pass to the Auctioneer. If the buyer fails to pay the Auctioneer the Total Amount Due within fourteen (14) days after the date of the auction, the Auction- eer shall endeavour to notify the seller and take the seller’s instructions on the course of action to be taken and, to the extent that it is in the sole opinion of the Auctioneer feasible, shall endeavour to assist the seller to recover the Total Amount Due from the buyer provided that nothing herein shall oblige the Auctioneer to issue proceedings against